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An NRI’s guide to investing in property in Chandigarh Call- 9914211006

 

With the rupee falling, real estate has been one lucrative investment option for non-residential Indians (NRIs). Also, whether the market is hot or not, many NRIs like to have a place back here in India. The RBI’s regulations on it are fairly easy as well and you do not have to take any prior permission from the authorities. The rules for any such property transaction fall under the Foreign Exchange Management Act (FEMA).

An NRI or Person of Indian Origin (PIO) can own both residential as well as commercial properties in India and there is no restriction on the number of properties you can buy. However, you cannot purchase any agricultural land, farm house and plantation property. You can have ownership of such property only if they’ve been gifted or inherited.

Also, the monetary transaction must be in Indian rupees (INR) and through normal banking channels using an NRI account.

According to RBI norms, a maximum of 80% of the value of property can be funded by a financial institution. Rest has to come from the NRI’s personal resources. Indian financial institutions give rupee loans and so the same needs to be repaid in rupees only. “Another option NRIs can use is to get funding overseas where interest rates are lower

Since all transactions must happen through the banking channel, repayment has to be done by inward remittances. You can directly get the money remitted from NRO/NRE account in India or issue post-dated cheques or Electronic Clearance Service (ECS) from your NRE, NRO or Foreign Currency Non Resident (FCNR) account.

In case you let out the property you can use the rent to repay the loan as well. Cheques issued from a relative’s local account can also be used to make the loan payments.

Power of Attorney

If you are buying an under-construction property, your developer may ask for a power of attorney (P.o.A.) favour them. This is not unusual and would make documentation work slightly easier and quicker.

A PoA can be given to execute any contracts, deeds as well as mortgage, lease or even sell. So make sure the kind of authority you are giving to the person through the PoA. Just get it worded properly by a professional lawyer you trust Also, if and when you want to dispose the property, it is a good idea to have a PoA to be a resident India who may be able to act on your behalf to complete formalities such as registration, possession, execution of agreement of sale, etc.

For More regulations on sale of property & Tax Implications for NRIs

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www.bhoomijagat.com

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International airport in SAS Nagar to be named after Shaheed Bhagat Singh

mohali airport   To be inaugurated by Prime Minister Narender Modi on September 11, the international airport in SAS Nagar will be named as Shaheed Bhagat Singh International Airport. This was stated by Anandpur Sahib MP Prem Singh Chandumajra while addressing mediapersons after a visit to the airport on Friday.
Chandumajra said, "We will do all it takes to name the airport as Shaheed Bhagat Singh International Airport. The proposal is pending with the Centre and I will ensure it is cleared." "The airport will be an asset and with its inauguration we have fulfilled the promise made to residents during elections. The UPA government had been stalling the project and had even failed to get relevant clearances from the defence ministry for the airport," he added. The Punjab government had proposed that the international airport at SAS Nagar be named after Shaheed Bhagat Singh as a tribute to the martyr and a resolution in this regard was also unanimously passed by the Punjab legislative assembly in 2012.  

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